CMT (8.84) posts EPS of $0.39 versus $0.04 y/y. Great quarter and solid outlook !
COLUMBUS, Ohio, Nov. 9, 2011 /PRNewswire/ -- Core Molding Technologies, Inc. (NYSE Amex: CMT) today announced results for the third quarter ended September 30, 2011.
The Company recorded net income for the third quarter of 2011 of $2,856,000, or $0.41 per basic and $0.39 per diluted share, compared with net income of $307,000, or $0.04 per basic and diluted share in the third quarter of 2010. Total net sales for the third quarter were $37,836,000, compared with $25,295,000 in the same quarter of 2010. Product sales for the three months ended September 30, 2011 increased 61% to $37,173,000, from $23,041,000 for the same period one year ago. The increase in sales is primarily due to higher demand for North American medium and heavy-duty trucks.
For the first nine months of 2011, net income was $7,967,000 or $1.15 per basic and $1.09 per diluted share, compared with net income of $612,000, or $0.09 per basic and diluted share, for the same period of 2010. Total net sales for the first nine months of 2011 were $102,119,000, compared with $69,212,000 for the same period of 2010. Product sales increased 55%, to $99,694,000 through nine months of 2011 compared to $64,210,000 for the same period in 2010.
"We continue to be very pleased with our financial results this year as we have surpassed our previous full year earnings per share record," said Kevin L. Barnett, President and Chief Executive Officer. "Demand for our products continues to be strong and industry analysts continue to forecast higher levels of demand for 2012 and 2013," Barnett said.
"We also made steady progress with two of our significant growth initiatives. Our previously announced expansion of our Matamoros, Mexico facility is progressing as planned. In addition, our new start up subsidiary, Core Specialty Composites in Warsaw, Ky., is on track to begin production in the first quarter of 2012," Barnett continued.
Core Molding Technologies, Inc. is a compounder of sheet molding composites (SMC) and molder of fiberglass reinforced plastics. Core specializes in large-format moldings and offers a wide range of fiberglass processes, including compression molding of sheet molding compounds (SMC), long fiber thermoplastics (LFTP) and bulk molding compounds (BMC), spray-up, lay-up, resin transfer (RTM) and vacuum resin transfer molding (V-RTM), and vacuum bagging. Additionally, the company offers liquid molding of dicyclopentadiene (DCPD). Core serves a wide variety of markets, including the medium and heavy-duty truck, marine, automotive, and other commercial products. Headquartered in Columbus, Ohio, Core operates plants in Columbus and Batavia, Ohio; Gaffney, South Carolina; Warsaw, Kentucky and Matamoros, Mexico. For further information, visit the company's website at www.coremt.com.
